News Column

Tesco ends talks to sell off 191 Turkish stores

May 28, 2014

KASMIRA JEFFORD



TESCO confirmed yesterday that it has scrapped plans to sell its lossmaking business in Turkey after talks with potential joint venture partners broke down.


The supermarket chain was in talks with various groups over Kipa, which has 191 stores. These parties were reported to include private equity group BC Partners about creating a joint venture with its Turkish chain Migros.


The news marks another setback for Tesco which has been trying to focus on improving sales at home and cutting its exposure to some tougher overseas markets.


The group said it has "ended talks with various parties in respect of potential options" and that it will focus on improving the business.


Tesco PLC 310 p 302.80 27 May 308 306 304 302 23 May 27May 20May 21May 22 May


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Source: City A.M. (UK)


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